Do you own a business and live in an RV? You may be tempted to claim a home office deduction on your taxes for a portion of your RV. But this can be a risky move. Let’s break down why it might not be a good idea to take the home office deduction for your…
When managing your finances, the choice between cash and accrual accounting can significantly impact your business’s financial health, tax obligations, and decision-making insights. Understanding which method aligns best with your operations is crucial for accurate financial reporting and strategic planning. What Are Cash and Accrual Accounting? The primary difference between these methods is timing: Cash…
Reducing your tax burden is a goal most of us have. While legitimate methods exist to achieve this, some strategies can lead to unexpected complications. One such strategy involves using a Montana LLC for RV registration to avoid sales taxes in your home state. Before pursuing this route, it’s important to weigh the potential risks…
Let’s face it. We all want to save more on taxes. Now’s the time to learn how to maximize your tax savings by understanding how to take the mileage deduction as a business owner. Mileage Deduction as a Business Owner As a digital nomad, your lifestyle likely involves a significant amount of travel—whether it’s meeting…
When should my business create an S Corp? I hear this question all the time. S Corp is a popular and often talked about option for business owners, but you should consider this option carefully. The extra responsibilities are not a fit for all. Let’s review insider tips, both positive and negative, so you can…
Whether your business has reached its natural end, you’ve sold it (CONGRATS!), or you’ve decided to pursue other ventures, it is crucial to take the necessary steps to properly close your LLC. Closing your business doesn’t need to be overwhelming or difficult.. Follow these steps to help ensure you have officially closed all the doors…
Are you ready to invest in real estate or buy a home base for yourself? Be careful if your lender asks for a mortgage comfort letter. As a business owner buying property, it’s quite common for a mortgage lender to ask for a letter from your CPA or tax accountant. If this happens to you,…
Living life on the road as an RV entrepreneur or digital nomad is an exhilarating adventure, but it comes with unique financial challenges. If you own a business, then you need to be focusing on proactive tax planning for the RV entrepreneur and digital nomad. In this guide, we’ll explore the strategies and considerations that…
If you ever talk to me in person or on the phone or read any of my content, you’ll know I’m a huge fan of being organized. Organization leads to less stress and more freedom to spend your time as you please. Any digital nomad navigating the online business landscape understands the importance of streamlining…
The digital nomad lifestyle offers the freedom to work from anywhere in the world. However, with that freedom comes the responsibility of managing your finances effectively. Now’s the time to establish smart financial habits as a digital nomad. Whether you’re a seasoned globetrotter or just starting your journey as a digital nomad, adopting smart money…